The main difference between closed-end securities investment funds and open-end securities investment funds is that closed-end securities investment funds have closed-end periods. It is not redeemable during the closed period. The tradable type can be traded in the market. Open-end securities investment funds have no closed-end period, during the securities trading hours. You can apply for redemption.

Specifically:

1, the variability of fund size is different. The fund shares issued by open-end funds are redeemable, and investors can subscribe for the fund shares at any time, so the size of the fund is not fixed; The scale of closed-end funds is fixed. ?

2. The transaction prices of fund units are different. The buying and selling price of fund units of open-end funds is based on the net asset value corresponding to the fund units, and there will be no discount. ? The price of closed-end fund shares will be more affected by the relationship between market supply and demand, and the price fluctuates greatly. ?

3. The trading channels of fund units are different. Investors of open-end funds can buy or redeem funds directly from fund management companies at any time, and the handling fee is low. The trading of closed-end funds is similar to stock trading, which can be traded in the securities market and requires the payment of handling fees and securities transaction tax.